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China Pharma Holdings, Inc. Announces First Quarter 2008 Financial Results
Date:5/2/2008

008 decreased 20.7% to $1.2 million compared to the same period in 2007. Selling expenses for the period increased to approximately $0.34 million from 0.15 million in the first quarter of 2007, which is due to the Company's investment in overall marketing. General and administrative expenses were $0.82 million in the three months ended March 31, 2008, a decrease of $0.49 million, or 37.5% compared to the first quarter of 2007, with the improvement emanating from the collection of bad debt reserves written-off in 2007, which reinforces China Pharma's ability to collect customer receivables

Operating income for the first quarter of 2008 totalled $4.7 million, a 152.2% increase, compared to $1.8 million for the same period in 2007. Net income was $4.2 million, representing an increase of 76.5% from $2.4 million reported in the same year ago period. Fully diluted earnings per share were $0.11, a 57.1% increase from $0.07 in the first quarter of 2007.

"We are pleased to report another quarter of strong revenue and net income growth. The success of our increased marketing efforts and diversified portfolio focusing on therapeutics targeting high mortality and high incidence diseases enabled us to achieve a 62% increase in revenues for the first quarter of 2008," commented Ms. Zhilin Li, President and CEO of China Pharma, "Our ability to prudently manage expenses while collecting on 2007 bad debt reserves contributed to the decrease in operating expenses and resulted in a higher operating margin. We anticipate this trend will continue during 2008 as we aim to maintain or improve margins and profitability going forward."

Balance Sheet and Cash Flow Discussion

The Company had Stockholders' equity of $45.7 million, representing a book value of approximately $1.23 per diluted share as of March 31, 2008. With the significant increase in revenues, trade accounts receivable grew approximately 33.6%. The Company's outstanding receivables over 12 months o
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SOURCE China Pharma Holdings, Inc.
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